FX-BIT TRDER – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX-BIT TRDER - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fxbit-traders.com
Founded: 2022
Regulations: None
Languages: English
Deposit Methods: Crypto Wallet
Minimum Deposit: $1,000
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Stocks, Indices, Commodities
Trading Accounts and Conditions
FX-BIT TRDER offers their clients the following investment plans:
- Basic: The minimum deposit is $1,000 and there is a 10% Bonus.
- Standard: The minimum deposit is $1,500 and there is a 30% Bonus.
- Premium: The minimum deposit is $2,000 and there is a 30% Bonus.
- Elite: The minimum deposit is $3,000 and there is a 40% Bonus.
There is no mention of trading conditions anywhere on this broker’s website.
FX-BIT TRDER – Advantages
We could not find anything positive to say about FX-BIT TRDER. This broker is a scammer.
FX-BIT TRDER – Disadvantages
Listed below are all the reasons why this broker has been marked a scam:
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Lack of Regulation
The first thing that tells us that we are dealing with a scammer is this broker’s lack of regulation. We are dealing with an anonymous and unregulated broker here. How do we know?
FX-BIT TRDER does not bother to provide us with any corporate information. Thus, we do not know who this broker’s parent company is or even where they are based. The broker only refers to themselves or their parent company as the company – there is no company name provided. There is no physical address provided and neither is there any contact information. In fact, when you click on the broker’s Contact Us page, you find out that there is a 404 Error message – the link is broken – there is no contact information.
The only hint we get of where this broker may be based is from their Terms and Conditions. According to that page, the broker follows the laws of Scotland and they claim that FX-BIT TRDER only follows the exclusive jurisdiction of the courts of Scotland.
Scotland is a part of the United Kingdom, which means that any broker operating in that country would need to be regulated by the UK’s financial authority – the FCA (Financial Conduct Authority).
Finding out whether a broker is authorized by the FCA is easy. All you need to do is check their online register for this information. We checked. We found out that no only is FX-BIT TRDER (fxbit-trader.com) not regulated by the FCA, but the financial authority has actually blacklisted this broker for operating illegally in their jurisdiction.
This information clearly tells us that we are dealing with an anonymous scammer and it would be in everyone’s best interests to avoid this broker completely.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Trading Software
The most important product/service that an online broker provides is their trading platform. This is what traders need to be able to execute their trades. This is why legitimate brokers ensure that they are able to offer the best trading software possible to their clients. This usually means offering the MetaTrader 4 or MetaTrader 5 platforms, the two top platforms in the world.
With FX-BIT TRDER, there is no trading platform.
When we checked their client area, what we found was a set of charts imported from a third-party market data provider. There was no way to actually buy and sell trading assets.
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Poor Terms and Conditions
If you read through this broker’s legal documents, you will realize what a scammer FX-BIT TRDER actually is. The broker mentions their conditions when it comes to the bonuses they offer. These terms are very unfair and designed to ensure that traders never see their money again.
According to their terms, you will need to have a trading turnover that is 20 times your total deposit plus the total benefit amount. And if you do not meet this target, then you will not be allowed to withdraw your funds at all. Such terms for withdrawal are typical of bonus scams like the one this broker is running.
Another really unfair condition is their dormancy terms. You will be charged a fee if your account is dormant for more than 45 days. They also charge you units if you have not traded for a specific amount of time. So, if you have not traded for 60 days, you will be charged 100 Units. No activity for 90 days leads to a charge of 200 Units and so on. What FX-BIT TRDER fails to mention is what these units are.
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Lies About Payment Options
On their website, FX-BIT TRDER claims to offer multiple high-end payment options – Yandex, QIWI, WebMoney, Cash U, MasterCard, Klarna, Neteller, Skrill, Visa, etc.
However, when we checked the payments section, we found that the only way that you could make payments (not deposits or withdrawals, just payments) was by using a rather shady-looking cryptocurrency wallet.
We need to warn all traders that cryptocurrency payments should be their last option when dealing with a new broker. Crypto transactions are permanent and irreversible. Furthermore, they are anonymous. That means that if you have made your payments using cryptocurrency, then there is no way that you can get your money back – unless the receiver carries out another transaction and sends you the same amount back.
This is why this form of payment is a scammer’s favorite. Once the money is their wallet, there is no way for you to ever get it back.
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High Minimum Deposit
FX-BIT TRDER asks their clients for a minimum deposit of $1,000, which is outrageously high. The industry standard is between $100 – $250. And there are many very good brokers who will only ask for a deposit of less than $10. So, a $1,000 deposit is just too high and not worth it – even if this broker were legitimate.
Conclusion
FX-BIT TRDER is a scammer that does not even make an effort to disguise their scam. They are relying on novice traders who don’t know any better for their scam to succeed.
FX-BIT TRDER
Pros
- None
Cons
- Lack of Regulation
- No Trading Software
- Poor Terms and Conditions
- Lies About Payment Options
- High Minimum Deposit
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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